The New York-based Blade Air Mobility Inc (NASDAQ:BLDE), which offers on-demand air travel with helicopters and seaplanes, is down about 6% so far this year but CNBC "Mad Money" host Jim Cramer and the popular money manager Cathie Wood consider it a buy.

What Happened: Cramer said on his show that he liked the stock more than Joby Aviation Inc (NYSE:JOBY) and found out that it is “really cheap” and growing in a lot of different places. 

The former hedge fund manager suggested investors look at the stock despite him not being a huge “SPAC” fan.

See Also: Blade Air Mobility Initiated With Overweight Rating At JPMorgan

Blade Air shares are up about 17% since May 7 after it completed its blank-check merger. The special-purpose acquisition company with which Blade merged traded as high as $19.88 earlier in the year.

Cramer is not alone. Wood’s investment firm Ark Invest has been piling up shares in Blade Air Mobility, with the latest buy coming on Tuesday.

Two of Ark’s active exchange-traded funds, the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) and the Ark Space Exploration & Innovation ETF (BATS:ARKX) together held 5.95 million shares— worth $62.7 million — in Blade Air as of Tuesday.

Ark Invest has far less exposure in Joby Aviation.

Why It Matters: Analysts see major upside in Blade, with four firms initiating coverage on the stock with "Overweight," "Buy," and "Outperform" ratings in the last two months.

The company reported $333 million in third-quarter cash and short-term investments, and has a market cap of about $733 million. The company reported a 277% growth in revenue to $13 million in the third quarter ended June 30, helped by a robust jump in short-distance travel.

Price Action: Blade Air Mobility shares closed 0.19% higher at $10.56 on Tuesday.

Photo: Courtesy of Blade Air Mobility

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